Basic Knowledge Test

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Forex Fundamentals Quiz

Test your knowledge with our engaging Forex Fundamentals quiz! Whether you're a beginner or looking to sharpen your skills, this quiz covers essential concepts in Forex trading.

Challenge yourself with questions on:

Contract sizes
Bid-Ask spreads
Trading terminology
Calculating profits

12 Questions3 MinutesCreated by TradingEagle325

1 standard lot in Forex is equivalent to a contract size of:

1 million units of base currency

100,000 units of base currency

10,000 units of base currency

1,000 units of base currency

What is term for the “difference between the bid and ask price”

Spread

Leverage

Margin

Pips

How much margin do you need if you wish to trade 0.50 lots in EURUSD, assuming your leverage is at 1:100 (margin required is 1%)? Price of EUR/USD is 1.0682

$50.31

$5,340

$534.10

$5.34

What is the price of EUR/USD if it moves up by 1 pip (from 1.35000)?

1.35001

1.35010

1.35100

1.3600

The exchange rate of USD/SGD is now at 1.37447. How much is $50,000 USD in Singapore dollars?

SGD $70,788.50

SGD 68,723.50

SGD $36,377.65

SGD $36,887.64

What do you call an order that is placed to Buy Below the market price?

Buy Limit Order

Sell Limit Order

Buy Stop Order

Sell Stop Order

What does the term BID price mean?

The price you can sell the base currency

The price you can buy the base currency

If you Buy 1 standard lot of GBP/USD at 1.5000 and close out one week later at 1.51400, how much profit will you earn in pips?

0.014 pip

1.4 pip

14 pips

140 pips

: Following up on above question - how much you will earn in $ amount?

$14

$140

$1,400

$14,000

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